The Bangladesh Securities and Exchange Commission or BSEC, which is the regulator of the capital market of Bangladesh, has on 26 January (Tuesday) appointed seven independent directors to Ring Shine Textiles for restructuring of the higher management and resume production.
The seven independent directors are Dhaka University professors Mohammad Moniruzzaman and Mohammad Mizanur Rahman, Additional Inspector General of Police Mejbah Uddin, Director of operation of Inspectorate Griffith Abdur Razzak, independent Director of Power Grid Company Istak Ahmmed Shimul, former Managing Director of Janata Bank Md. Foroz Ali and professor of Jaganath University Mohammad Sogir Hossain Khandaker.
The new board, under the Chairmanship of Mejbah Uddin, would ensure corporate governance and compliance with securities rules in the company, appoint a new Chief Financial Officer and a Company Secretary to the company and submit a business plan over going into regular operation to the BSEC.
The move by BSEC, which earlier this month appointed Hoda Vasi Chowdhury & Co. to conduct an audit into the books of Ring Shine Textiles, comes as a positive development for the retail investors of Ring Shine, which made its debut on the stock exchanges on 12 December 2019.
It, reportedly, declared factory lay-off on 27 September 2020 and is yet to resume operations, as per media reports.